Vingroup forms consortium with VinEnergo to develop LNG-fueled power plant in northern Vietnam

Vingroup, Vietnam's leading private conglomerate, will join a consortium with VinEnergo, an energy firm majority-owned by billionaire Pham Nhat Vuong, to invest in a 4,800MW LNG-fueled power project in the northern port city of Hai Phong.

Vingroup’s board of directors on Monday issued a resolution approving the group’s participation in the consortium.

The project will span roughly 98.5 hectares in Tan Trao Industrial Park, and be developed in two phases, with the first delivering 1,600 MW and the second adding 3,200 MW. It will operate under a 50-year term starting from the date of approval.

The board authorized the CEO - the legal representative of Vingroup - or a legally authorized delegate to determine terms and sign the consortium agreement, complete legal procedures for project implementation, establish a project company if necessary, and carry out other relevant tasks.

In a document submitted to the government in March 2025, Vingroup said the project’s total investment would amount to around $5.5 billion.

As part of its renewable energy development strategy, Vingroup, listed on the Ho Chi Minh Stock Exchange as VIC, plans to roll out a series of power plants between 2025 and 2035 with a combined capacity of 47,500MW.

For the period through 2030 alone, Vingroup proposed a total installed capacity of 20,500 MW, with an investment ranging from $20 billion to $25 billion. The portfolio includes solar power plants (13,900 MW) and wind power facilities (6,600 MW).

In addition to Hai Phong, the projects are expected to be deployed across several provinces, including the northern province Son La in the north, the Central Highlands province of Dak Lak, the south-central provinces of Ninh Thuan and Khanh Hoa, and Binh Phuoc, Dong Nai, Tra Vinh, and Soc Trang in the south.

VinEnergo was established on March 12, 2025, primarily operating in electricity generation and electrical equipment manufacturing.

As for its shareholder structure, billionaire Vuong holds a 71% stake, while his eldest son, Pham Nhat Quan Anh, and second son, Pham Nhat Minh Hoang, each owns 5%. The remaining 19% is held by Vingroup.

To support LNG power development, Vietnam has cut import duties on LNG from 5% to 2%. The country will guarantee an offtake of at least 65% of annual electricity output from projects using imported LNG power for up to 10 years.

Vingroup’s founder and chairman Pham Nhat Vuong has become the first Vietnamese person to have a fortune of $9 billion, according to Forbes's update on May 8. Vuong ranked 330th in the magazine's listing of the world's richest people.

Vingroup recorded revenue of VND84.05 trillion ($3.3 billion) in the first quarter of 2025, its record high. The figure, mentioned in the conglomerate's Q1/2025 financial statement, represented a 287% surge year-on-year and 28% of the year's revenue target.

After expenses, Vingroup posted a pre-tax profit of VND7.38 trillion, nearly three times higher than Q1/2024. Its post-tax profit reached VND2.24 trillion ($86.14 million), up 65% year-on-year.

For 2025, Vingroup has set ambitious targets of VND300 trillion ($11.54 billion) in revenue and VND10 trillion ($384.54 million) in after-tax profit, up 59% and 88% respectively compared to last year.

Vingroup plans to expand into infrastructure and green energy, complementing its existing pillars of real estate and manufacturing, said Vuong told VIC's 2025 AGM on April 24.